How do I get started on successful bitcoin trading?

PackManBrainlure
PackManBrainlure

How do I get started on successful bitcoin trading?

I'm 20 years old, and I'm currently a NEET.
I've got plenty of time to learn how markets work and how they fluctuate.

Should I buy 200$ worth of bitcoin, observe, and learn the hardway, or should I study the underlying theory to the bitcoin market place?

What books are good for this?

Is becoming a skilled trader more valuable than a job at Wal-mart?

All urls found in this thread:

discord.gg/jtBmHwJ
preev.com/

Nojokur
Nojokur

reddit.com/r/bitcoinmarkets I know people prob don't like reddit, but thats how I learned.

200 bucks is good to start with. You can use the trading simulator that BitMex has...

Harmless_Venom
Harmless_Venom

Thanks a lot. I'm jumping from lifehacker to whatever.

I'm currently running bitcoin qt and updating it right now.

I'm glad you're notifying me that a simulator is in existence. Better to learn there than with $

JunkTop
JunkTop

there's no need to download the QT unless you plan on mining (don't). There are plenty of secure online wallets you can use that won't take up your entire hard drive.

as for trading, the best thing you can do is dive right in with some of your own money. Expect to lose most of it - the pain you feel from this will help you learn much quicker as to how to avoid a loss than if you were to use imaginary money.

t. bitcoin trader

started when i was your age, invested about $2k, lost most of it the first year. Started my second year with about $500, by the end of that year it was $5300. 1 month into my 3rd year it's $8500. Nothing glorious but I'm enjoying it.

I'm also not super autistic about it, its kind of just a hobby, i have a real job and other interests, but it is a very real way to make money.

GoogleCat
GoogleCat

Its about to crash back to the sub 100s just wait

CodeBuns
CodeBuns

Is becoming a skilled trader more valuable than a job at Wal-mart?

that is the question i have been trying to answer for the last 5 months of my life. and walmart is actually starting to seem a lot better than becoming a skilled trader. however, long term holder and value investor in altcoins could potentially be better.

discord.gg/jtBmHwJ

whereismyname
whereismyname

I am buying 7 bitcoins this week, is that a lot?

Spazyfool
Spazyfool

ummmmm

preev.com/

yes

CodeBuns
CodeBuns

secure wallets
online
pick one maggot

download bitcoin core and support segwit by running a node if you care about bitcoin

Lunatick
Lunatick

are there places that give away bitcoins to popularize their use among people that can't afford to buy any?

Evil_kitten
Evil_kitten

take it from me, i conservatively day traded btc and in short positions and unless you have $25k+ you're not going to make shit. I traded with $25k and I would be lucky to earn $150 per night in profit (i would only trade during chinese hours and typically take away $60 per night)

haveahappyday
haveahappyday

no lol, bitcoin is popular enough no need to give it away for free.

op read "random walk of walstreet", day trading does not outperform long term holding. Bitcoin is a very emotional market so you need to trade based on that. it requires real money and real risk in order to understand the deal, and even then it wont be perfect.

cum2soon
cum2soon

if youre day trading it shouldnt matter because you should be holding any btc when you're not day trading. buy some btc off localbitcoin or whatever and deposit it into your exchange but keep it USD while you're not trading

takes2long
takes2long

buy pepecash forget btc

askme
askme

shouldnt* be holding...

Harmless_Venom
Harmless_Venom

Did you invest $25k of IRL money?
Did you dangle a good portion of it over a fire nightly in the belief that you would earn greatly?

How much would you trade in an average night?

I'm still reading up on Forex, so I've yet to start trading.

ZeroReborn
ZeroReborn

Start trading altcoins, they're a lot more volatile which means more profitable.

takes2long
takes2long

How is that possible?

My account equity on OKcoin is about 6.5 BTC and i only risk about 2-5% of that on single trades and can still pull in 80-100 on a good day

askme
askme

not as crazy as it sounds. $1000 of pepe cash will turn into $2000 of pepe cash before $1000 of btc turns into $2000 of btc.

long term pepe cash has a less bright future than btc, but in the next 6 months to 1 year, maybe 2, pepe cash will make you more money with less effort.

Need_TLC
Need_TLC

How is accessing that account going today for you? Are you worried at all?

I hear it is down if you are outside of Chyna..

farquit
farquit

Segwit is awful. Don't do this

idontknow
idontknow

Or 1000$ of pepe cash will turn into 2$ of pepe cash.

BinaryMan
BinaryMan

can you buy altcoins directly with dollars or you need to use bitcoins?

CodeBuns
CodeBuns

If you start buying altcoins you might as well buy serious coins with serious devs and budget. ICN dumped hard recently so thats out for now but right now it seems that waves will be the coin that will go up the most in withing couple of months

Ignoramus
Ignoramus

How?

Stark_Naked
Stark_Naked

I'm just talking out of my ass.

I don't even trade bitcoin.

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